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NewsBTC 2022-01-26 18:11:35

The Post-Fintech Revolution: Understanding DeFi Applications

Fintech, defined by technologies meant to empower the masses through the ubiquitization of financial services, has failed. In a world of record wealth inequality, it has served only to further enrich the already powerful – the bankers, the politicians, and the insiders. Meanwhile, everyday people are alienated, left hopeless in regards to their financial futures. Through stagnant wages and rising prices, those lucky enough to participate in the system watch their quality of life erode. For the majority of the world, those without any access to financial services whatsoever, even first-world givens such as stable pay and housing are distant privileges. It is clear that a new system is needed, one free of centralized control and power — one in which the people hold their financial futures in their own hands. The DeFi Revolution DeFi, or Decentralized Finance, is a new financial system that is being built by decentralized networks of individuals that have decided to provide financial services directly to each other. Cryptocurrency technologies such as blockchains and smart contracts enable DeFi platforms to operate trustlessly – financial agreements are enforced by code instead of centralized authorities like banks, or middle-men like escrow agencies. Thanks to trustlessness, DeFi platforms can provide innovative and fairer financial services to all: Staking is the act of locking up one’s tokens to validate transactions in a cryp...

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